Thanks for taking the time to do this! It does make sense.
I don't fully understand the "pad" directive yet. I guess I do theoretically - it's sort of like creating an opening balance? But in practice it seems confusing to me. Everything else though makes sense to me, but couldn't the actual rate be used and be put in as an expense, since it's going to be removed from the gross income (I think - I'm not an accountant either). I guess that would make it tricky how to book them though and income would seem necessary no matter what. I'm going to play around with what you wrote and will reply more soon. Thanks again. On Wednesday, February 28, 2024 at 7:03:57 AM UTC-5 [email protected] wrote: > Hi, > > disclaimer: I am not an accountant, I am not from the US. > > But let us just think together. > > The only reason you would want to use beancount to record the IRS > deductible mileage instead of just writing it somewhere on a paper is to be > able to track the future tax refund. > > So, this is how I would do it: > > ================================================================ > > ; https://groups.google.com/g/beancount/c/oBLRF71jDqY > > > 2020-01-01 commodity MILE > > 2020-01-01 commodity USD > > 2020-01-01 open Assets:Bank:Checking USD > 2020-01-01 open Assets:Deffered-Tax > > 2020-01-01 open Income:Tax-Refund:Car-Mileage > > 2020-01-02 * "Driving car somewhere, which is tax deductible" > ; I think you need to put here not the actual rate (e.g. 65.5 > cents/mile), but expected tax return you will get. Let us assume 0.3 > USD/mile > ; also cgeck this > https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html > > > ; and this ; and this > https://getswipe.in/blog/post/concept-of-deferred-tax-and-its-presentation-in-financial-statements > > > Income:Tax-Refund:Car-Mileage -100 MILE @ 0.3 USD > Assets:Deffered-Tax 30 USD > > 2020-03-02 * "Tax authorities" "Tax refund received" > Assets:Bank:Checking 40 USD > Assets:Deffered-Tax -40 USD > > ; You will probably never guess the tax return 100% correctly, so you will > need to pad it > 2020-03-02 pad Assets:Deffered-Tax Income:Tax-Refund > 2020-03-03 balance Assets:Deffered-Tax 0 USD > > ;=============================================================== > > Does it make sense? > > On Monday, February 26, 2024 at 10:57:30 PM UTC+1 CD wrote: > >> I would have thought I would have found something on this from a search, >> but I haven't. >> >> What is the best practice for recording mileage on business trips and >> what are the accounts that are used for this if you are using the IRS >> standard deduction per mile? >> >> Does a new commodity/currency need to be created for this? >> > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/c74d0afe-f0db-4960-9d25-a30a0354a0cbn%40googlegroups.com.
